Hitachi Announces Consolidated Financial Results for Fiscal 2017
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1 FOR IMMEDIATE RELEASE Hitachi Announces Consolidated Financial Results for Fiscal 2017 Tokyo, April 27, Hitachi, Ltd. (TSE:6501) today announced its consolidated financial results for fiscal 2017, ended March 31, Note: All figures were converted at the rate of 106 yen to the U.S. dollar, as of March 31, 2018.
2 - 2 - Summary (billions) Years ended March 31 (B)/(A) 2017(A) 2018(B) (%) Revenues 9, , , Adjusted operating income , EBIT (Earnings before interest and taxes) 4. Income from continuing operations, before income taxes , , Net income , Net income attributable to Hitachi, Ltd. stockholders , Earnings per share attributable to Hitachi, Ltd. stockholders () () (U.S.Dollars) Basic Diluted Notes: 1. The Company's consolidated financial statements are prepared based on IFRS. 2. "Adjusted operating income" is presented as revenues less cost of sales as well as selling, general and administrative expenses. 3. "EBIT" is presented as income from continuing operations, before income taxes less interest income plus interest charges. 4. The figures are for 879 consolidated subsidiaries and 407 equity-method associates and joint ventures. 5. A part of the thermal power generation systems business is classified as discontinued operations in accordance with the provision of IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations," which was not transferred to Mitsubishi Hitachi Power Systems, Ltd. for the business integration in the thermal power generation systems with Mitsubishi Heavy Industries, Ltd. The results of the discontinued operations are reported separately from continuing operations.
3 Qualitative Information Concerning Consolidated Business Results (1) Summary of Fiscal 2017 Consolidated Business Results (billions) Year ended March 31, 2018 Year over year change (billion yen) Revenues 9, % 88,383 Adjusted operating income ,742 EBIT ,078 Income from continuing operations, before income taxes ,025 Income from continuing operations ,782 Loss from discontinued operations (16.0) (10.0) (151) Net income ,631 Net income attributable to Hitachi, Ltd. stockholders ,424 During fiscal 2017, the year ended March 31, 2018, the global economy expanded at a moderate pace. The U.S. and Japanese economies remained solid, particularly in terms of consumer spending and capital investment, and in China too, the economic growth was steady thanks to an increase in infrastructure investment and consumer spending. In Europe, the economy continued to expand, led by the German economy. For fiscal 2017, the Hitachi's consolidated revenues increased 2% year over year, to 9,368.6 billion yen. While the revenues were affected by the conversion of Hitachi Transport System, Ltd. and Hitachi Capital Corporation to equity-method associates and the deconsolidation of Hitachi Koki Co., Ltd. in the previous fiscal year, the revenues increased in the Construction Machinery segment where overseas sales rose mainly in China, the High Functional Materials & Components segment where the sales of electronics- and automotive-related products expanded, the Social Infrastructure & Industrial Systems segment where the railway systems business for the U.K. was strong, and the Information & Telecommunication Systems segment where the system integration business remained firm in Japan. Adjusted operating income increased billion yen year over year, to billion yen. The increase was mainly in the Construction Machinery segment, in which profit increased thanks to revenue growth, the Social Infrastructure & Industrial Systems segment, in which the profitability of the industry & distribution field, the power and energy business, and the industrial products business improved, and the Information & Telecommunication Systems segment, in which the profitability of the system integration business in Japan improved in addition to the effect of the structural reform implemented in the previous fiscal year.
4 - 4 - EBIT also increased billion yen year over year, to billion yen mainly due to the increase in adjusted operating income, and the posting of an impairment loss in power and energy systems business in the previous fiscal year, despite the absence of gain from reorganization of Hitachi Transportation System, Hitachi Capital, and Hitachi Koki. Income from continuing operations, before income taxes, increased billion yen year over year, to billion yen. After deducting income taxes of billion yen, Hitachi posted income from continuing operations of billion yen, up billion yen year over year. Loss from discontinued operations increased 10.0 billion yen year over year, to 16.0 billion yen. Net income increased billion yen year over year, to billion yen. Net income attributable to Hitachi, Ltd. stockholders increased billion yen year over year, to billion yen. Assuming that Hitachi Transport System, Hitachi Capital, and Hitachi Koki were not consolidated in the previous fiscal year, the consolidated revenues increased 4%, the adjusted operating income increased billion yen, and EBIT increased billion yen year over year on a constant currency basis.
5 - 5 - (2) Revenues, Adjusted Operating Income and EBIT by Segment Please refer to the presentation material. (3) Outlook for Fiscal 2018 (billions) Year ending March 31, 2019 Year over year change (billion yen) Revenues 9, % 88,679 Adjusted operating income ,075 EBIT ,075 Income from continuing operations, before income taxes ,934 Net income ,000 Net income attributable to Hitachi, Ltd. stockholders ,774 The future business environment surrounding Hitachi is expected to remain uncertain. There are concerns regarding the prospects for the negotiations on Brexit in Europe and trade relationships in various countries, despite the expectation that the global economy, mainly in the U.S., will continue to expand. Reflecting these business environments, Hitachi forecasts the results shown above for fiscal 2018, the year ending March 31, Projections for fiscal 2018 assume exchange rates of 105 yen to the U.S. dollar and 130 yen to the euro. Hitachi will accelerate the global expansion of its Social Innovation Business through collaborative creation with customers, persist with its business structural reforms and pursue efforts to strengthen its business foundations by reviewing its business portfolio, with the aim of achieving sustainable growth.
6 Financial Position Since Hitachi Capital, which belonged to the Financial Services segment, was converted into an equitymethod associate as of October 3, 2016, the Financial Services segment is not presented as a reportable segment. Therefore, financial position and cash flows by "Manufacturing, Services and Others" and "Financial Services" are no longer presented. (1) Financial Position (billions) As of March 31, 2018 Change from March 31, 2017 (billion yen) Total assets 10, ,345 Total liabilities 5, ,782 Interest-bearing debt 1,050.2 (126.3) 9,908 Total Hitachi, Ltd. stockholders equity 3, ,925 Non-controlling interests 1, ,638 Cash Conversion Cycle 69.7 days 2.5 days decrease - Total Hitachi, Ltd. stockholders equity ratio 32.4% 1.7 points increase - D/E ratio (including non-controlling interests) 0.23 times 0.06 points decrease - Total assets increased billion yen from March 31, 2017, to 10,106.6 billion yen, mainly reflecting M&As such as the acquisition of the air compressor business ("Sullair" business) of Accudyne Industries in July Interest-bearing debt decreased billion yen from March 31, 2017, to 1,050.2 billion yen, as a result of bond redemption and repayment of borrowings. As of March 31, 2018, the total Hitachi, Ltd. stockholders equity increased billion yen from March 31, 2017, to 3,278.0 billion yen. As a result, the total Hitachi, Ltd. stockholders equity ratio was 32.4%, an improvement of 1.7 points from March 31, The debt-to-equity ratio, including non-controlling interests, was 0.23 times, a decrease of 0.06 points from March 31, Cash Conversion Cycle improved 2.5 days from March 31, 2017, to 69.7 days.
7 - 7 - (2) Cash Flows (billions) Year ended March 31, 2018 Year over year change (billion yen) Cash flows from operating activities ,860 Cash flows from investing activities (474.3) (136.3) (4,475) Free cash flows (38.7) 2,385 Cash flows from financing activities (321.4) (111.9) (3,033) Operating activities provided net cash of billion yen, 97.5 billion yen more than in the previous fiscal year, due to an increase in net income. Investing activities used net cash of billion yen, billion yen more than in the previous fiscal year, reflecting an increase in expenditure related to M&As, including the acquisition of the Sullair business, and the absence of proceeds from the sale of part of shares in Hitachi Transport System and Hitachi Capital and from the sale of the shares of Hitachi Koki recorded in the previous fiscal year. This was despite a significant decrease in purchase of leased assets as a result of the conversion of Hitachi Capital into an equity-method associate in the previous fiscal year. Free cash flows were positive billion yen, a decrease of 38.7 billion yen year over year. Financing activities used net cash of billion yen, billion yen more than in the previous fiscal year, due to a decrease in proceeds from issuance of debt as a result of the conversion of Hitachi Capital into an equity-method associate. Accordingly, cash and cash equivalents were billion yen, down 67.2 billion yen from the end of the previous fiscal year. In case of comparing the cash flows on a consolidated basis with the cash flows in a "Manufacturing, Services and Others" in the previous fiscal year, the details are as follows; Operating activities provided net cash of billion yen, 88.4 billion yen more than in the previous fiscal year, due to an increase in net income. Investing activities used billion yen, billion yen more than billion yen in the previous fiscal year because of an increase in expenditure related to M&As, including the acquisition of the Sullair business and the absence of proceeds from the sale of part of the shares in Hitachi Transport System and Hitachi Capital and from the sale of the shares of Hitachi Koki recorded in the previous fiscal year. Free cash flows were positive billion yen, billion yen less than billion yen in the previous fiscal year. Financing activities used billion yen, 45.7 billion yen less than billion yen in the previous fiscal year, due to a decrease in repayment of borrowings.
8 - 8 - Cautionary Statement Certain statements found in this document may constitute forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of Such forward-looking statements reflect management s current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as anticipate, believe, expect, estimate, forecast, intend, plan, project and similar expressions which indicate future events and trends may identify forward-looking statements. Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements and from historical trends. Certain forward-looking statements are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on forward-looking statements, as such statements speak only as of the date of this document. Factors that could cause actual results to differ materially from those projected or implied in any forward-looking statement and from historical trends include, but are not limited to: economic conditions, including consumer spending and plant and equipment investment in Hitachi s major markets, particularly Japan, Asia, the United States and Europe, as well as levels of demand in the major industrial sectors Hitachi serves; exchange rate fluctuations of the yen against other currencies in which Hitachi makes significant sales or in which Hitachi s assets and liabilities are denominated; uncertainty as to Hitachi s ability to access, or access on favorable terms, liquidity or long-term financing; uncertainty as to general market price levels for equity securities, declines in which may require Hitachi to write down equity securities that it holds; fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals, or shortages of materials, parts and components; the possibility of cost fluctuations during the lifetime of, or cancellation of, long-term contracts for which Hitachi uses the percentage-of-completion method to recognize revenue from sales; credit conditions of Hitachi s customers and suppliers; fluctuations in product demand and industry capacity; uncertainty as to Hitachi s ability to implement measures to reduce the potential negative impact of fluctuations in product demand, exchange rates and/or price of raw materials or shortages of materials, parts and components; uncertainty as to Hitachi s ability to continue to develop and market products that incorporate new technologies on a timely and cost-effective basis and to achieve market acceptance for such products; increased commoditization of and intensifying price competition for products; uncertainty as to Hitachi s ability to attract and retain skilled personnel; uncertainty as to Hitachi s ability to achieve the anticipated benefits of its strategy to strengthen its Social Innovation Business; uncertainty as to the success of acquisitions of other companies, joint ventures and strategic alliances and the possibility of incurring related expenses; uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting underperforming businesses and to strengthen competitiveness; the potential for significant losses on Hitachi s investments in equity-method associates and joint ventures; general socioeconomic and political conditions and the regulatory and trade environment of countries where Hitachi conducts business, particularly Japan, Asia, the United States and Europe, including, without limitation, direct or indirect restrictions by other nations on imports and differences in commercial and business customs including, without limitation, contract terms and conditions and labor relations; uncertainty as to the success of cost structure overhaul; uncertainty as to Hitachi s access to, or ability to protect, certain intellectual property; uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Company, its subsidiaries or its equity-method associates and joint ventures have become or may become parties; the possibility of incurring expenses resulting from any defects in products or services of Hitachi; the possibility of disruption of Hitachi s operations by natural disasters such as earthquakes and tsunamis, the spread of infectious diseases, and geopolitical and social instability such as terrorism and conflict; uncertainty as to Hitachi s ability to maintain the integrity of its information systems, as well as Hitachi s ability to protect its confidential information or that of its customers; and uncertainty as to the accuracy of key assumptions Hitachi uses to evaluate its employee benefit-related costs. The factors listed above are not all-inclusive and are in addition to other factors contained in other materials published by Hitachi.
9 Basic Stance on Accounting Standard Selection Hitachi, Ltd. applied International Financial Reporting Standards (IFRS), starting with the consolidated financial statements in its annual securities report for fiscal 2014, the year ended March 31, IFRS was applied in response to globalization, with the primary goal of building a uniform standard for evaluating operating results, standardizing operations, and improving management efficiency of the Hitachi Group.
10 Consolidated Statement of Profit or Loss Years ended March 31 (B)/(A) 2017 (A) 2018 (B) (%) 2018 Revenues 9,162,264 9,368, ,383 Cost of sales (6,782,677) (6,866,522) 101 (64,779) Gross profit 2,379,587 2,502, ,605 Selling, general and administrative expenses (1,792,278) (1,787,462) 100 (16,863) Adjusted operating income 587, , ,742 Other income 100,742 12, Other expenses (146,568) (140,686) 96 (1,327) Financial income 7,091 7, Financial expenses (26,206) (11,243) 43 (106) Share of profits (losses) of investments accounted for using the equity method (47,186) 62, EBIT (Earnings before interest and taxes) 475, , ,078 Interest income 12,923 14, Interest charges (19,014) (20,539) 108 (194) Income from continuing operations, before income taxes 469, , ,025 Income taxes (125,112) (131,708) 105 (1,243) Income from continuing operations 343, , ,782 Loss from discontinued operations (5,950) (16,020) 269 (151) Net income 338, , ,631 Net income attributable to: Hitachi, Ltd. stockholders 231, , ,424 Non-controlling interests 106, , ,207 Consolidated Statement of Comprehensive Income Years ended March 31 (B)/(A) 2017 (A) 2018 (B) (%) 2018 Net income 338, , ,631 Other comprehensive income (OCI) Items not to be reclassified into net income Net changes in financial assets measured at fair value through OCI 59,934 1, Remeasurements of defined benefit plans 46,086 22, Share of OCI of investments accounted for using the equity method Total items not to be reclassified into net income Items that can be reclassified into net income (1,887) 3, ,133 27, Foreign currency translation adjustments (64,761) (8,042) 12 (76) Net changes in cash flow hedges 21,303 5, Share of OCI of investments accounted for using the equity method Total items that can be reclassified into net income 1,166 (45) - (0) (42,292) (2,384) 6 (22) Other comprehensive income (OCI) 61,841 25, Comprehensive income 399, , ,869 Comprehensive income attributable to: Hitachi, Ltd. stockholders 299, , ,607 Non-controlling interests 100, , ,262
11 Consolidated Statement of Financial Position As of March 31, 2017 (A) As of March 31, 2018 (B) (B)-(A) As of March 31, 2018 Total Assets 9,663,917 10,106, ,686 95,345 Current assets 5,002,606 5,151, ,194 48,602 Cash and cash equivalents 765, ,964 (67,278) 6,585 Trade receivables 2,433,149 2,501,414 68,265 23,598 Inventories 1,225,907 1,375, ,325 12,974 Investments in securities and other financial assets 388, ,324 (15,468) 3,522 Other current assets 189, ,866 14,350 1,923 Non-current assets 4,661,311 4,954, ,492 46,743 Investments accounted for using the equity method 691, ,407 52,156 7,013 Investments in securities and other financial assets 758, ,431 (41,919) 6,759 Property, plant and equipment 1,998,411 2,124, ,416 20,046 Intangible assets 919,201 1,054, ,169 9,947 Other non-current assets 294, ,768 21,670 2,979 Total Liabilities and Equity 9,663,917 10,106, ,686 95,345 Total Liabilities 5,566,922 5,594,932 28,010 52,782 Current liabilities 3,720,859 3,795,394 74,535 35,806 Short-term debt 196, ,439 (74,918) 1,146 Current portion of long-term debt 190, ,191 (73,042) 1,106 Other financial liabilities 274, ,735 (19,535) 2,403 Trade payables 1,402,233 1,536, ,750 14,500 Other current liabilities 1,657,766 1,765, ,280 16,651 Non-current liabilities 1,846,063 1,799,538 (46,525) 16,977 Long-term debt 790, ,664 21,651 7,657 Retirement and severance benefits 635, ,156 (60,528) 5,426 Other non-current liabilities 420, ,718 (7,648) 3,894 Total Equity 4,096,995 4,511, ,676 42,563 Hitachi, Ltd. stockholders' equity 2,967,085 3,278, ,939 30,925 Common stock 458, , ,328 Capital surplus 577, ,809 (1,764) 5,432 Retained earnings 1,793,570 2,105, ,825 19,862 Accumulated other comprehensive income 141, ,167 1,099 1,341 (Foreign currency translation adjustments) 78,987 60,807 (18,180) 574 (Remeasurements of defined benefit plans) (847) 22,675 23, (Net changes in financial assets measured at fair value through OCI) 192, ,588 (17,522) 1,647 (Net changes in cash flow hedges) (129,182) (115,903) 13,279 (1,093) Treasury stock, at cost (3,916) (4,137) (221) (39) Non-controlling interests 1,129,910 1,233, ,737 11,638 Notes: Changes in presentation have been made due to materiality of some accounts balances as a result of business reorganization and others. Investments in securities and other financial assets, which were included in Other current assets as of March 31, 2017, have been reclassified and presented separately. Lease receivables, which were separately presented under current and non-current assets, have been included in Investments in securities and other financial assets under current and non-current assets, respectively. Other financial liabilities, which were separately presented under non-current liabilities, have been included in Other non-current liabilities. The consolidated statement of financial position as of March 31, 2017 has been reclassified in order to reflect these changes in presentation.
12 Consolidated Statement of Changes in Equity Common stock Capital surplus Retained earnings Accumulated other comprehensive income Treasury stock, at cost Total Hitachi, Ltd. stockholders' equity Non-controlling interests Total equity As of March 31, , ,790 1,609,761 83,543 (3,806) 2,735,078 1,390,492 4,125,570 Reclassified into retained earnings ,486 (10,486) Net income , , , ,029 Other comprehensive Income (loss) ,136-68,136 (6,295) 61,841 Cash dividends - - (57,938) - - (57,938) (38,283) (96,221) Changes in treasury stock - (15) - - (110) (125) - (125) Equity transactions and other - (9,202) - (125) - (9,327) (322,772) (332,099) Total changes in equity - (9,217) 183,809 57,525 (110) 232,007 (260,582) (28,575) As of March 31, , ,573 1,793, ,068 (3,916) 2,967,085 1,129,910 4,096,995 Reclassified into retained earnings ,428 (16,428) Net income , , , ,918 Other comprehensive income ,353-19,353 5,848 25,201 Cash dividends - - (67,591) - - (67,591) (34,395) (101,986) Changes in treasury stock - (27) - - (221) (248) - (248) Equity transactions and other - (1,737) - (1,826) - (3,563) 4, Total changes in equity - (1,764) 311,825 1,099 (221) 310, , ,676 As of March 31, , ,809 2,105, ,167 (4,137) 3,278,024 1,233,647 4,511,671 Common stock Capital surplus Retained earnings Accumulated other comprehensive income Treasury stock, at cost Total Hitachi, Ltd. stockholders' equity Non-controlling interests Total equity As of March 31, ,328 5,449 16,920 1,331 (37) 27,991 10,660 38,651 Reclassified into retained earnings (155) Net income - - 3, ,424 1,207 4,631 Other comprehensive income Cash dividends - - (638) - - (638) (324) (962) Changes in treasury stock - (0) - - (2) (2) - (2) Equity transactions and other - (16) - (17) - (34) 41 7 Total changes in equity - (17) 2, (2) 2, ,912 As of March 31, ,328 5,432 19,862 1,341 (39) 30,925 11,638 42,563
13 Consolidated Statement of Cash Flows Cash flows from operating activities Years ended March Net income 338, ,918 4,631 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 415, ,432 3,438 Change in receivables (196,824) 47, Change in inventories (22,731) (181,207) (1,710) Change in payables 111,589 97, Other (15,664) (92,114) (869) Net cash provided by (used in) operating activities 629, ,168 6,860 Cash flows from investing activities Purchase of property, plant and equipment (316,116) (349,388) (3,296) Purchase of intangible assets (101,034) (90,924) (858) Purchase of leased assets (292,943) (3,263) (31) Proceeds from sale of property, plant and equipment, and intangible assets 52,208 27, Proceeds from sale of leased assets 14,539 9, Collection of lease receivables 180, Proceeds from sale (purchase) of investments in securities and other financial assets (including investments in subsidiaries and investments 71,653 (64,936) (613) accounted for using the equity method), net Other 53,012 (2,893) (27) Net cash provided by (used in) investing activities (337,955) (474,328) (4,475) Free cash flows 291, ,840 2,385 Cash flows from financing activities Change in interest-bearing debt (118,314) (218,409) (2,060) Dividends paid to stockholders (57,935) (67,568) (637) Dividends paid to non-controlling interests (36,508) (32,066) (303) Other 3,221 (3,411) (32) Net cash provided by (used in) financing activities (209,536) (321,454) (3,033) Effect of exchange rate changes on cash and cash equivalents (16,164) 1, Change in cash and cash equivalents 65,927 (67,278) (635) Cash and cash equivalents at beginning of year 699, ,242 7,219 Cash and cash equivalents at end of year 765, ,964 6,585
14 Segment Information (1) Business Segments Information & Telecommunication Systems Social Infrastructure & Industrial Systems Electronic Systems & Equipment Construction Machinery High Functional Materials & Components Automotive Systems Smart Life & Ecofriendly Systems Others Financial Services Subtotal Years ended March 31 (B)/(A) (%) 2017 (A) 2018 (B) ,982,821 20% 2,008,907 20% ,952 2,331,931 23% 2,375,012 23% ,406 1,170,375 12% 1,086,551 11% 93 10, ,947 7% 959,153 9% 127 9,049 1,464,687 14% 1,657,537 16% , ,284 10% 1,001,036 10% 101 9, ,315 6% 540,152 5% 97 5, ,794 6% 557,776 6% 85 5, ,212-2% -% % 10,086, % 10,186, ,096 Corporate items & Eliminations (924,102) (817,510) - (7,712) Revenues Total 9,162,264 9,368, ,383 Information & Telecommunication Systems Social Infrastructure & Industrial Systems Electronic Systems & Equipment Construction Machinery High Functional Materials & Components Automotive Systems Smart Life & Ecofriendly Systems Others Financial Services Subtotal 152, ,221 26% 27% 77, ,560 13% 17% 81,597 86,992 14% 12% 26,325 92,548 4% 13% 119, ,866 21% 17% 56,362 49,569 10% 7% 22,473 25,109 4% 4% 22,425 21,437 4% 3% 21,336-4% -% 580, , % 100% 124 1, , , ,625 Corporate items & Eliminations 6,877 12, Adjusted operating income Total 587, , ,742 Information & Telecommunication Systems Social Infrastructure & Industrial Systems Electronic Systems & Equipment Construction Machinery High Functional Materials & Components Automotive Systems Smart Life & Ecofriendly Systems Others Financial Services Subtotal 76, ,279 19% 22% (19,993) 101,257 (5%) 16% 66,772 88,852 16% 14% 22,735 97,095 5% 16% 123,342 98,672 30% 16% 65,830 42,429 16% 7% 31,840 33,352 8% 5% 20,630 21,874 5% 4% 22,841-6% -% 410, , % 100% 182 1, ,876 Corporate items & Eliminations 64,727 21, EBIT Total 475, , ,078 Notes: 1. Revenues by business segment include intersegment transactions. 2. As Hitachi Capital Corporation was converted into an equity-method associate as of October 3, 2016, there is no company which belongs to the Financial Services Segment from the beginning of the third quarter of the year ended March 31, 2017.
15 (2) Revenues by Market Japan Asia North America Europe Other Areas Overseas Revenues Subtotal Total Revenues Years ended March 31 (B)/(A) (%) 2017 (A) 2018 (B) ,757,685 4,643,080 52% 50% 98 43,803 1,860,716 2,081,150 20% 22% ,633 1,144,029 1,177,581 12% 13% , , ,474 11% 10% 99 9, , ,329 5% 5% 118 4,739 4,404,579 4,725,534 48% 50% ,581 9,162,264 9,368, % 100% ,383
16 Notes (1) Notes Regarding Going Concern Not applicable. (2) Subsequent Events Hitachi, Ltd. ("the Company") announced that the Board of Directors today resolved to partially amend its Articles of Incorporation to change in the number of shares per one unit, and to propose the matter for share consolidation to the 149th Annual General Meeting of Shareholders of the Company to be held in June Please refer to the News Release "Notification of Change in Number of Shares per One Unit, Share Consolidation, and Partial Amendments to the Articles of Incorporation" announced today for detailed information.
17 Per share information Years ended March () () (U.S.Dollars) Hitachi, Ltd. stockholders' equity per share Earnings per share from continuing operations, attributable to Hitachi, Ltd. stockholders Basic Diluted Earnings per share from discontinued operations, attributable to Hitachi, Ltd. stockholders Basic (1.23) (3.32) (0.03) Diluted (1.23) (3.32) (0.03) Earnings per share attributable to Hitachi, Ltd. stockholders Basic Diluted The reconciliations of the numbers and the amounts used in the basic and diluted earnings per share attributable to Hitachi, Ltd. stockholders computations are as follows: Years ended March (Number of shares) (Number of shares) Weighted average number of shares on which basic earnings per share is calculated 4,828,127,659 4,827,874,323 Effect of dilutive securities Stock options 1,530,325 4,288,188 Number of shares on which diluted earnings per share is calculated 4,829,657,984 4,832,162,511 (Millions of yen) (Millions of yen) (Millions of U.S. dollars) Net income from continuing operations, attributable to Hitachi, Ltd. stockholders Basic 237, ,008 3,576 Effect of dilutive securities: Other (0) - - Diluted 237, ,008 3,576 Net loss from discontinued operations, attributable to Hitachi, Ltd. stockholders Basic (5,950) (16,020) (151) Effect of dilutive securities: Other Diluted (5,950) (16,020) (151) Net income attributable to Hitachi, Ltd. stockholders Basic 231, ,988 3,424 Effect of dilutive securities: Other (0) - - Diluted 231, ,988 3,424 # # #
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